As far as iTunes updates go this is a pretty big one -- version 10.5 brings with it what Apple's calling iTunes in the Cloud, which allows for automatic downloads of purchases to your Mac or Windows computers and all of your iOS devices, as well as the ability to download previous purchases on said devices as many times as you want. It's not exactly a traditional cloud-based service, but you do always have access to all of your purchased media, regardless of the device (so long as it runs some form of iTunes). As expected, it also finally adds WiFi syncing for your iOS devices, although you'll still have to wait a bit longer for the iTunes Match service -- it's slated to roll out closer to the end of the month. As usual, you can look for it in Apple's Software Update, or you can hit the link below to download it directly.

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Apple releases iTunes 10.5 with iTunes in the Cloud